International credit-rating agency Fitch Ltd. said Monday that it has downgraded Japan’s long-term local and foreign currency sovereign ratings to AA from AA-plus, with the negative outlook intact.

“Japan’s credit fundamentals continue to deteriorate. The world recession has robbed the economy of its only bright spots in recent years, i.e., exports and high-tech investment,” the agency said in a statement. It added Japan’s short-term foreign currency rating is unchanged at F1-plus.

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